Gate News message, April 22 — According to on-chain analyst Yu Jin’s monitoring, Aave has experienced continued fund outflows over 3.5 days following the Kelp security incident, with total deposits declining from $48.5 billion to $30.7 billion, representing a loss of approximately one-third of deposits ($15.1 billion).
Morpho saw total deposits fall from $11.7 billion to $10.2 billion, a $1.5 billion outflow. In contrast, Spark’s SparkLend business recorded TVL growth from $1.9 billion to $3.2 billion, gaining $1.3 billion in deposits. The platform has attracted significant capital from major whales and institutions withdrawing from Aave, including figures such as Justin Sun and a major whale that deployed $500 million in February.
The capital reallocation reflects market participants’ risk management response to the recent incident, with Spark emerging as a beneficiary of the outflows from larger platforms.
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